What You Should Know About Small Business

The SBA criteria for small business classification may have slight variations but the following three criteria are the always present fundamental factors.

1. A small business is an independently owned and operated business; independent ownership does not refer to the number of owners but instead the type of owning entity.  Businesses owned by large-scale corporations, franchised organizations, and high revenue management groups are not considered independently owned or operated.  
2. A small business has fewer total employees than 500.  
3. A small business is not recognized for industry influence beyond its immediate economic area.  

1. Small businesses account for, on average, fifty percent of all goods produced and services provided in our country each year.
2. Innovative small businesses and entrepreneurial owners promote and often shape forward-thinking development in the economic arena.
3. Small businesses provide wider-scale opportunities for socioeconomic advancement.
4. Small businesses complement the corporate infrastructure by meeting needs that these larger entities are not set to accommodate.

Small businesses boast an environment and methodology that foster opportunities to reach areas and/or groups that might otherwise be overlooked or overrun by the traditional corporate model.

1. Job Opportunities: The large number of U.S.-based small businesses (over 27 million since 2011) create an even greater number of jobs. These jobs encompass an extensive range of skill sets and experience requirements making them an asset to the new or inexperienced workers.
2. Placement Opportunities: The small business arena boasting varied locations and industries promotes a more diversified opportunity pool including minority groups, inexperienced newcomers, and/or aging professionals.  
3. Increase & Advancement Opportunities:  This working arena provides exposure to a greater number of positions and job skills and, as a general rule, a more liberally structured and accessible venue for financial and professional gain.